As a European crypto broker, it is our duty to adhere to regulatory changes and their consequences of the products and services we offer. Due to recently announced regulations made by MiCAR (Markets in Crypto Assets Regulations), we have made the decision to change our stablecoin offering.
What changes will be made?
The changes state that stablecoins may only be sold within the EU if they are compliant with the regulations. Stablecoins that are not compliant, are therefore delisted from our platform. This concerns the following coins:
Tether (USDT)
First Digital USD (FDUSD)
TrueUSD (TUSD)
Pax Dollar (USDP)
Dai (DAI)
What does this mean?
As of 31 January, we have disabled the option to buy and deposit these coins.
Selling and withdrawing any of these coins has been available until 28th of February 2025.
No action is required on your part. All holders can use this time to sell or withdraw their current holdings of the aforementioned stablecoins.
On the 28th of February, any remaining balances of these coins will be automatically converted to USDC. From March 1st, these stablecoins will no longer be supported on our platform.
We remain committed to providing a secure platform for all our users and appreciate your understanding. This message will be updated as soon as the conversion is completed.
Why are these stablecoins delisted?
MiCAR has introduced new regulations for the trading of stablecoins. These coins are divided into two categories: Asset-Referenced Tokens (ARTs) and E-Money Tokens (EMTs). EMTs are coins that are pegged to a single official currency, such as USDT being pegged to the US dollar. ARTs are coins that are pegged to multiple coins or assets, or a combination thereof. An example of this is DAI. Stricter rules have been imposed on both categories of stablecoins. Because the coins did not meet the rules by the deadline set by MiCAR, they remain unauthorised under MiCAR and can therefore no longer be traded in Europe.
For Coinmerce to remain compliant to the new regulations set by MiCAR, we can only list stablecoins that have been approved. Among these is USD Coin (USDC), therefore all current stablecoins will be converted to USDC.
When stablecoins are not approved by the new regulations, it's not possible for us to list them. We are actively monitoring whether stablecoins receive the necessary approval required under MiCAR.